Danang City at night. The central coastal city needs US$13 billion to carry out its master zoning plan – PHOTO: NHAN TAM

DANANG – The People’s Council of Danang City approved the master zoning plan for the coastal city on May 22, saying that the city will seek VND300 trillion (about US$13 billion) to carry out the plan.

The master plan will then be sent to the Ministry of Construction for its evaluation, before being submitted to the Prime Minister for approval.

The first phase, in 2020-2025, needs more than VND232 trillion, while the remainder is for the second phase, planned for 2025 to 2030.

“This investment capital is combined from many sources [State and local budgets, loans and private investment], including those for projects carried out from 2021 to 2030,” Tran Chi Cuong, head of the Economics and Budget Committee of the municipal People’s Council told the Saigon Times.

Some key projects in the first phase are developing the Lien Chieu seaport into an international seaport, and Tho Quang wharf.

Meanwhile, the second phase will see the relocation of the railway station and Han River crossing tunnel, apart from other urban development projects.

At the meeting, some members said the total investment capital is too large, especially in the 2020-2025 period.

Therefore, it is essential to have a priority roadmap for key projects to avoid a lack of capital during the investment process.

At the same time, the city should carry out investment procedures quickly so that private investors can participate in some projects.

Speaking at the meeting, Ho Ky Minh, Vice Chairman of the municipal People’s Committee, said the city would have to call for investment capital from the business community, both local and foreign.

Earlier, the city government announced that it was developing a master plan in a bid to receive input from other concerned parties.

Consultants for the master plan include the joint venture of Sakae Corporate (Japan) and Surbana Jurong (Singapore).